Chart - Courtesy Trading View
AUD/USD was trading 0.59% higher on the day at 0.7088 at around 03:10 GMT.
The Australian dollar finding bids ahead of the Reserve Bank of Australia (RBA) interest rate decision.
The Reserve Bank of Australia (RBA) is expected to deliver a hawkish monetary policy outcome and Interest Rate Decision at 04:30 AM GMT later on Tuesday.
Markets expect the RBA to lift its 0.1% cash rate to 0.25% and follow with a move to 0.5% in June.
Futures imply a whole string of hikes taking rates to around 2.5% by the end of the year and to 3.5% by the middle of 2023.
Focus will be on the monetary policy Rate Statement that follows for cues on near-term AUD/USD moves.
Technical bias for the pair is majorly bearish. Oversold conditions may cause some pullbacks. However, retrace is likely to be limited.
